China's broad measure of money supply, M2, rose 16.5% year-on-year at the end of September. The increase was one percentage point higher than at end-August and reflected the central bank's attempt to stimulate demand and solve a persistent problem of deflation. M2 measures all cash in circulation in addition to money that is held in banks and securities firms. Savings deposits stood at Yn17,770bn at the end of September, some Yn2,300bn higher than at the start of the year. Timed deposits made up 57% of total deposit growth.
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